Crocs make Balenciaga hot again
The iconic fashion brand has won over fashion fans with a streetwear-infused look, writes Melissa Singer.
The fashion world may poke fun and create memes about Balenciaga’s Crocs and reinterpretations of the Ikea bag. But in the end, it seems, the joke is on us.
In the annual rankings of the world’s hottest brands, Balenciaga has come in at number one for the third quarter in a row, according to Lyst, the fashion search platform.
Coming in second place is Gucci, which attracted global attention for its Milan show earlier this year in which models carried wax model heads in their own likeness.
But in the end, it doesn’t really matter who is number one and two, as they are owned by the same company, Kering.
Sales at the luxury behemoth, which also owns Saint Laurent and Brioni, soared in the first quarter of 2018.
Parallel strong sales at its main rival, LVMH, mean the outlook for luxury sales in 2018 is looking pretty bright, fuelled in part by a recovery in spending by Chinese shoppers over the past 18 months.
While Balenciaga may be the ‘‘buzziest’’ of Kering’s brands, Gucci is the breadwinner, especially now sales in the United States, which have historically trailed Europe and Asia, have picked up.
Despite its spike in sales, analysts have questioned whether consumers might tire of Gucci’s distinct look, although company executives have said the brand’s appeal goes beyond fad-led younger buyers.
But not all the hot brands are matching their cachet with cash. Bottega Veneta, which is also owned by Kering and recently launched its Melbourne flagship store, only managed to grow sales by 0.7 per cent on a comparable basis in the first quarter, less than expected.
But many of group’s other labels are on the up, mitigating for now any concerns about Kering’s dependence on Gucci.
Sales growth at Balenciaga, which has won over fashion fans with a streetwear-infused look, even outperformed the pace at Gucci, Kering said.
According to the Lyst index, Vetements, which shares its creative director, Demna Gvasalia, with Balenciaga, was at number three. Off-white, the brand by newly-installed Louis Vuitton menswear creative director Virgil Abloh, was number four, with Stone Island rounding out the top five. –